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Fears grow of order cancellations

Fears grow of order cancellations
Samsung Heavy Industries Co, led declines among South Korean peers in Seoul on concern a global trade slump may force order cancellations for container vessels.

Samsung Heavy Industries Co, led declines among South Korean peers in Seoul on concern a global trade slump may force order cancellations for container vessels.

Samsung Heavy Industries Co, the world's second-largest shipyard, led declines among South Korean peers in Seoul on concern a global trade slump may force order cancellations for container vessels. Samsung Heavy fell 10 per cent, the most in almost four months, to close at 22,000 won (Dh53.81) in Seoul on Friday. Hyundai Heavy Industries Co, the world's biggest, dropped 9 per cent to 181,500 won.

Zim Integrated Shipping Services Ltdis asking some South Korean shipyards to cancel or delay container-vessel orders, internet news provider MoneyToday reported on Saturday, without saying where it got the information.

Marmaras Navigation Ltd of Greece cancelled an order for two cape-size bulk carriers from Hyundai Heavy, Edaily said, citing industry officials it didn't identify. Samsung Heavy and Hyundai Heavy declined to comment on the reports.

"While the MoneyToday report is spooking investors, cancellations are unlikely," said Lee Jae Kyu, an analyst at Mirae Asset Securities Co in Seoul.

"It would be too costly for the shipping lines to cancel orders they've already made partial payments for."

Container-shipping lines, such as Neptune Orient Lines Ltd, have slashed services, idled vessels and fired workers as the deepening economic recession damped demand for Asian-made exports. Global trade may shrink for the first time this year in almost three decades, according to the World Bank.

Zim said in a statement on February 5 that it's in talks with shipyards to cancel part of the orders or delay deliveries and also re-schedule payments.

Samsung Heavy said in October 2007 it won from Zim a $1.37-billion Dh3.67 billion) order to build eight vessels that can each carry 12,600 20-foot standard containers. Hyundai Samho Heavy Industries Co, a unit of Hyundai Heavy, said in March 2007 it received a contract from Zim to build two container vessels worth 252.3 billion won.

Deliveries are expected to start later this year.

Daewoo Shipbuilding & Marine Engineering Co, the world's third-largest shipbuilder, fell 13 per cent to 19,650 won. Hyundai Mipo Dockyard Co, a unit of Hyundai Heavy, slipped 8.3 per cent to 127,500 won.

www.TurkishMaritime.com.tr

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